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South Florida

Feds to buy mortgage-backed securities

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The Federal Reserve plans to start buying as much as $500 billion in
mortgage-backed securities early next month in an effort to bolster the
U.S. housing market. The Federal Reserve announced the plan in early
November but did
not set a timetable for buying securities that are guaranteed by
home loan giants Fannie Mae, Freddie Mac and Ginnie Mae. Investment
firms BlackRock, Goldman Sachs Asset Management, PIMCO and Wellington
Management will operate the program.